Indian on-line pharmacy startup PharmEasy has knowledgeable its present traders that it plans to lift a brand new spherical of funding through rights situation at a 90% markdown from the earlier valuation, Indian newspaper Financial Instances reported Wednesday.

PharmEasy, which earlier deferred a plan to go public, wants the brand new money to pay its lender Goldman Sachs, the newspaper reported. PharmEasy was valued at $5.6 billion in its most up-to-date funding spherical within the second half of 2021.

The startup plans to lift new financing by means of a rights situation that might worth the worth of its share at 5 Indian rupees, down from 50 earlier, the paper reported. On the proposed phrases, if the spherical goes by means of, PharmEasy will see its valuation plummet to about $500 million to $600 million. The startup has altogether raised over $1.1 billion in opposition to fairness and in debt. It can additionally turn out to be the primary main Indian unicorn to lift a down spherical.

PharmEasy has been trying to elevate a brand new spherical for a number of quarters, however has struggled to discover a taker at even $2 billion valuation, TechCrunch reported earlier. The corporate didn’t reply.

The agency counts TPG, Prosus, Temasek, B Capital, Bessemer Enterprise Companions, Eight Roads Ventures, Steadview Capital and JM Monetary amongst its backers.

Moneycontrol reported individually that healthcare group Manipal is trying to make investments about $121.6 million in PharmEasy for a 18% stake within the Indian startup.